I look forward to connecting with a local wholesaler see what those margins present and get to know other BP members (or REAPS) at a meet-up. 

I have been involved with both sides of the arena as a contractor on the construction and renovation side from 1982-2004 in Michigan in a family owned business and then travelled throughout the united states working for both owner managed and third party managed portfolios from 2004-present.

In real life. when I present the partnership option, they go for the straight seller financing at $100K.  

Many of the worst loans; negative amortized, balloon payment loans, etc were presented as viable  loans to people who could not afford them.

However,  an opportunity may be present with a distressed owner looking to lease w. option. 

I'm looking to fix and flip houses this present moment and later buy/hold multi-family in the longterm, in the Memphis and surrounding areas. 

In buying a home for myself if I notice a house that has been for sale for a while or is for sale maybe through craigslist is it possible and what advantages/disadvantages to each side does taking over an existing loan present. 

I will be speaking with him next week so will present him with my proposal.

Considering this is a highly emotional situation, I'd merely present the options and refrain from giving legal advice or an opinion.

You can see who might be present (as most wait in the hallway to be called for mediation etc.) then and make your pitch.